NewQuest Properties has leased a high-profile 40,000-sf storefront in Brazos Town Center to SuperNova Furniture, securing the first furniture-only retailer for its largest vacancy in the 15-year history of its two-million-sf mixed-used development in Fort Bend County.
SuperNova Furniture has inked a 10-year lease for the former Gordman’s, reeling in a prized spot tucked between Old Navy and Dollar General in the Houston-based developer’s 550-acre development in southwest Houston. Doors will open in early fall.
“We had a considerable amount of interest in that box. It was the largest vacancy we’ve ever had in Brazos Town Center,” says Bob Conwell, senior vice president of NewQuest Properties.
Brazos Town Center will be SuperNova’s fifth retail location in Greater Houston, a regional chain built on an immigrant’s dream, hard work and meager start at a flea market. Founder and philanthropist Ana Abrams, a native of Ecuador, has developed a loyal and strong customer base since the store’s launch in the mid-1980s. Joe Silver and Chris Pitts of Streetwise Retail Advisors represented the retailer in lease negotiations.
Brazos Town Center, a mix of retail and residential, is positioned at the junction of Interstate 69/US Hwy. 59 and FM 762, just four miles south of Amazon’s 850,000-sf fulfillment center, which is slated to open later this year and create 1,000 jobs in the southwestern sector. NewQuest’s destination development boasts a present-day trade area with a population of nearly 292,000, resulting in year-over-year top rankings for foot traffic and same-store sales volumes when compared to peers in Texas and the nation.
From a demographical standpoint, the trade area’s housing stock is projected to grow 21% this year. Since 2010, the residential market has expanded by 62%, resulting in nearly 22,000 homes, of which 88% are occupied. The average household income is $110,000 per year.
SuperNova Furniture’s new lease pushes Brazos Town Center’s occupancy to slightly more than 98%. The NewQuest team has whittled the retail availability to a handful of pad sites and a few small shop spaces.
“Brazos Town Center has proven to be pandemic-resistant. Leases continue to be renewed quickly,” Conwell says. “It’s a good strong center with little turnover.”
Additionally, NewQuest has recently completed the following transactions:
SOUTH TEXAS LEASES
SuperNova Furniture has leased 40,000 sf of retail space in Brazos Town Center, located at the intersection of Interstate 60/US Hwy. 59 and FM 762, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Joe Silver and Chris Pitts of Streetwise Retail Advisors represented the tenant.
Mister Car Wash has ground-leased a 1.7-pad site in Shops at Katy Reserve, located at the intersection of FM 1463 and Spring Green Boulevard, Katy, from NewQuest Properties. J.J. McDermott and Kevin Sims of NewQuest Properties represented the landlord. Joe Silver of Streetwise Retail Advisors represented the tenant.
Orthosmiles has leased 2,100 sf of retail space in Shops at Rock Creek, located at the intersection of Spring Cypress and Grand roads, Cypress, from NewQuest Properties. Andrew Alvis of NewQuest Properties represented the landlord. Trey Hargrave of Dental Space Advisors represented the tenant.
Fat Tuesday has leased 1,940 sf of retail space in Dunvale Center, 8350 Westheimer Rd., Houston, from Edge Realty Partners LLC. Andrew Alvis of NewQuest Properties represented the tenant. Kathy King of Edge Realty Partners represented the landlord.
SOUTH TEXAS SALE
AS 157 1488 Magnolia Circle LP has purchasedan 8,000-sf building on 0.77 acres at 7424 FM 1488from NewQuest Properties. Andrew Alvis of NewQuest Properties represented the seller. Rob Whitaker of NewQuest Properties represented the buyer.